Bharti Airtel Africa revenue to touch $5 billion by May 2013
14 Sep 2011
Telecom major Bharti Airtel says it expects it revenues to touch $5 billion (about Rs24,000 crore) from its Africa operations by May 2013.
Bharti Airtel CEO (International) and joint MD Manoj Kohli told PTI today, that the company was extremely satisfied with its African acquisition. He added the company was on track to achieving $5-billion revenue and $2 billion EBITDA (earnings before interest, taxes, depreciation, amortisation), by May 2013 which he had projected earlier.
Bharti last year, acquired Kuwait-based Zain Telecom's African business for $10.70 billion (about Rs 48,000 crore). in what was the largest telecom takeover by an Indian firm.
The closure of the deal could be seen as Bharti having received all the approvals from the governments and regulators of each of these 16 nations that Zain had a presence in.
During 2010-11, Airtel's Africa operations posted a Rs480 crore loss even as revenues stood at Rs13,083 crore.
On making it to the top position in the continent, Kohli said MTN was very competitive but Bharti was digging its heels and trying to get a foundation, network customer services right. He added if foundation was right, leadership was not far away.
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